Jet defers 1st qtr results, Audit panel head quits

NEW DELHI: Jet Airways on Thursday deferred the Q1 results. The audit committee did not recommend the result to the board, pending closure of certain matters.

In a late night filing, Jet Airways told the BSE, “This is to inform that the board of directors of the company, at its meeting held on Thursday, deferred the matter of consideration of the unaudited financial results for the quarter ended June 30, 2018. It may be noted that the audit committee did not recommend the said financial results to the board for its approval, pending closure of certain matters.”

Earlier on Thursday, while addressing shareholders in Mumbai, Jet chairman Naresh Goyal said he felt “guilty and embarrassed” since a lot of shareholders had lost their money after airline’s shares plummeted on financial woes. The stock has slumped over 12% since July 2. Goyal added that competition as well as fuel prices were on the rise.

Amid rising concerns over the airline’s financial health and proposed salary reductions for employees, Goyal said a new committee would be set up to improve public perception and negative publicity about the same. All perceptions about the company will be corrected through a new executive committee.

The airline’s directors Naseem Zaidi and Ashok Chawla will chair the meetings of the new executive committee, Goyal said. While noting that the airline had a very strong code-share network with partners globally, Goyal said it was also looking at cooperation with Air India in terms of engineering and flight operations. Several meetings had already taken place with Air India CMD Pradeep Singh Kharola, he added.